For some clients, simply starting with the basic financial planning rules and making sure they are understood and followed can make the world of difference. Here’s our top 15 rules that, when followed, will ensure your financial future is bright.
- Understand your current position first– what’s coming in and what’s going out.
- Have an idea of where you want to end up and what you want to achieve.
- Keep control of your non tax deductible debt.
- Save first then spend.
- Where possible, pay yourself rather than paying the tax man.
- Tax saving should be a benefit of investing, not a reason to invest.
- Be realistic in your goals and timeframes.
- Don’t get sucked in by get rich quick schemes – be prudent in your approach.
- Always consider the risk as well as the return – ignore risk at your own peril.
- Get good advice and plan ahead.
- If it doesn’t feel right, don’t do it.
- Save for the short term, invest for the long term.
- Start as early as possible.
- Don’t try and time the market but if you’re uncertain do it in stages.
- Diversify.